London Living Rent - Frequently asked Questions
Here are some helpful questions and answers on London Living Rent.
Do I qualify for a London Living Rent home?
To qualify for London Living Rent you must meet the following criteria:
- Your annual household income must not exceed £60,000.
- You must live or work in London.
- You must be unable to buy a home, including shared ownership, in the local area.
- You must not own a residential property in the UK or overseas.
- You must meet the minimum income required for your preferred property.
You must meet lenders general criteria to obtain mortgage finance
The full eligibility criteria and priority policy for a particular development can be found on the advertised listing.
How do I register my interest in London Living Rent?
You can register your interest by selecting the contact tab on one of London Living Rent scheme adverts. Here you can find an enquiry form that you can complete.
What happens after I have registered my interest?
Once you’ve completed our online for your application will be reviewed by our marketing agent to confirm that you meet the eligibility criteria for the property or development you have expressed interest in.
If you meet the eligibility criteria, you will be asked to provide supporting documentation.
You will be referred to an Independent Financial Advisor (IFA) to complete an affordability check. Once you have been approved by the IFA you will be invited to view your preferred apartment.
If your viewing is successful, you will be allocated a property.
Our marketing agent will complete a reference check on all London Living Rent residents over 18 years old. If you pass this check you will be asked to pay one month rent as deposit and the first month’s rent, sign the tenancy agreement, and move into your new home.
How long does it take to complete the process?
As we complete a thorough vetting process prior to you viewing the property we can usually move you in within two to four weeks subject to the property’s availability.
How long is a London Living Rent tenancy?
We ask you to sign an assured shorthold tenancy for three years. Usually, you will have a two-month break clause from the 12th month so you can move out after 12 months if your circumstances change. At the end of the tenancy and if you’ve been a reliable tenant, you will be offered a tenancy renewal.
How long can I stay in my London Living Rent home?
If you fulfil your obligations as a London Living Rent tenant, you are entitled to remain in your home for the duration of the London Living Rent term.
The London Living Rent term is separate to your tenancy term and usually lasts between five and 10 years from the date the development was completed. This term can vary between developments. So, if a scheme with a 10-year term was completed on 1st January 2020 the London Living Rent term would end on 31 December 2029.
Can I move to an alternative London Living Rent apartment once my term ends?
You can’t move to an alternative if you’ve completed the stated London Living Rent term (usually 5-10 years).
Are bills included in my rent?
Only service charges are included in your rent, you will need to pay for all other bills.
Must I save a minimum amount each month?
You are the best judge of what amount is affordable for you to save each month. By renting through London Living Rent you benefit from a below market rent so will have the ability to save based on the minimum income requirement for your London Living Ren home. The more you save the quicker you will raise the deposit required to by your first home. We are happy to discuss your saving options with you.
Must I deposit any saving with you?
No. You will need to deposit and manage your savings.
How soon after moving into my London Living Rent apartment can I purchase my first share?
You can buy first share after six months as long as you have the deposit and income to meet repayment obligations.
What is the first step to buy my London Living Rent home?
Please contact us and we will talk you through the process. Check out our video below to see how London Living Rent works.
Must I buy the apartment I am living in?
No, as an London Living Rent resident you will be considered a priority applicant (along with other housing association and council tenants) for Shared Ownership apartments across London.